Rockville, MD , Aug. 29, 2024 (GLOBE NEWSWIRE) -- Revenue from the global Glycerin Market is projected to reach US$ 24.64 billion in 2024, as revealed in a newly published study by Fact.MR, a market research and competitive intelligence provider. The market has been forecasted to expand at a CAGR of 6.9% from 2024 to 2034.
Increased demand for glycerin in medical, cosmetics, and healthcare industries is attributed to its moisturizing features for preventing or treating rough, dry, scaly, and minor skin irritations. Antiviral and antimicrobial properties of glycerin are contributing to its increased use in pharmaceuticals. However, high cost of the glycerin refining process results in increased cost of the end product, thereby limiting its consumption to some extent.
Dominance of East Asia in the global market is owing to the flourishing food & beverage industry in the region, which is stimulating demand for glycerin as a sugar alternative. In addition, expanding pharmaceutical industry in the region is also widening the application scope of glycerin due to its benefits of improving the taste of medicines and their smoothness.
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Key Takeaway from Market Study:
- Worldwide sales of glycerin are analyzed to reach US$ 48.03 billion by the end of 2034.
- Global demand for technical-grade glycerin is projected to increase at a CAGR of 6.4% and reach a market value of US$ 24.98 billion by the end of 2034.
- Sales of glycerin in Canada are projected to rise at a CAGR of 7.8% from 2024 to 2034.
- East Asia is expected to account for 38.4% share of the global market by 2034.
- Demand for glycerin in South Korea is approximated to increase at 7.8% CAGR through 2034.
- North America is forecasted to occupy 29.1% share of global market revenue by 2034-end.
“Investing in the production of pure glycerin, which is undiluted and does not cause any blistering, will be key for companies going forward in this marketplace,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Glycerin Market:
BASF SE, Wilmar International Ltd., LG Household & Healthcare Ltd., DowDupont, SEPPIC S.A., Croda International Plc, Galaxy Surfactants, Huntsman Corporation, Pilot Chemical Company, Shanghai Fine Chemical Co., Ltd., Emergy Oleochemicals, Cargill, Incorporated, Kao Corporation, IOI Corporation Berhad, and Godrej Industries are some of the leading manufacturers of glycerin in the market.
High Demand for Glycerin in Japan for its Taste Improving and Smoothness Attributes in Pharmaceuticals:
Sales of glycerin in Japan are projected to rise at a CAGR of 7.8% and reach US$ 5.08 billion by the end of 2034. The country is a leading pharmaceutical market in East Asia, which is further contributing to the increased consumption of glycerin as one of the prominent ingredients. In addition, its increasing use as an excipient in eyewash solutions and as a sweetener in syrups and lozenges is creating lucrative prospects for market players. Moreover, accelerating use of glycerin in pharmaceutical products is because of its ability to improve the taste and smoothness of medicines.
Glycerin Industry News:
- In December 2022, Oleochemical purchased a blending facility located in Conroe, Texas. This will support the company's efforts to fortify its olechemicals division, which includes glycerin production.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the glycerin market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on grade (USP, technical), form (refined, crude), source (biodiesel, soap, fatty acid & fatty alcohol, others), and application (pharmaceuticals, food & beverages, alkyd resins, tobacco, personal care, polyether polyols, industrial chemicals, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Glycerin Market Research
By Grade:
-
- USP
- Technical
By Form:
-
- Refined
- Crude
By Source:
-
- Biodiesel
- Soap
- Fatty Acid & Fatty Alcohol
- Others
By Application:
-
- Pharmaceuticals
- Food & Beverages
- Alkyd Resins
- Tobacco
- Personal Care
- Polyether Polyols
- Industrial Chemicals
- Others
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Personal Care Active Ingredient Market: Size is expected to grow at a compound annual growth rate (CAGR) of 5.1%, from a valuation of US$ 2.09 billion in 2024 to US$ 3.44 billion by 2034.
Oleochemicals Market: Size was valued at US$ 27.66 Billion in 2021, and is estimated to reach US$ 48.61 Billion by 2032, with a projected compound annual growth rate (CAGR) of 5.4% during the forecast period from 2022 to 2032.
Caprylic Capric Triglycerides Market: Size is valued at US$ 735 million in 2023 and is forecasted to reach US$ 1.2 billion by the end of 2033, expanding at a CAGR of 5% from 2023 to 2033.
Emollient Esters Market: Size is anticipated to evolve rapidly at a CAGR of 7.2% from 2023 to 2033. The market stands at US$ 310 million in 2023 and is thus expected to reach US$ 620 million by 2033-end.
Bio-Based Coolants Market: Size is currently valued at US$ 1.16 billion and is predicted to increase in size at a CAGR of 3.2% to reach a market valuation of US$ 1.6 billion by the end of 2032.
About Us:
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